In Partnership with Ulsan-based Enterprises
Korea East-West Power signed a business agreement with the Ulsan Port Authority, Lotte Fine Chemical, Hyundai Glovis and SK Gas in Ulsan City on Aug. 26.
The purpose of the agreement is to turn the port into a green hydrogen logistics hub and make better use of renewable energy and green hydrogen in pursuit of carbon neutrality.
According to the agreement, South Korea’s first green hydrogen supply base will be built at the port by 2030 and the signers will work together in building a hydrogen value chain ranging from hydrogen production and storage to transport and utilization.
The Ulsan Port Authority will build related facilities at the port and Hyundai Glovis will be in charge of green hydrogen transport and distribution abroad. Korea East-West Power, Lotte Fine Chemical and SK Gas will run a hydrogen storage terminal while responding to various demands related to green hydrogen-based power generation projects.